PERILS publishes latest Industry Exposure Database

Effects of inflationary environment remains "very evident"

PERILS publishes latest Industry Exposure Database

Catastrophe & Flood

By Terry Gangcuangco

Catastrophe insurance data provider PERILS has published its Industry Exposure Database (IED) 2024, outlining property market sums insured exposed to natural perils for major catastrophe markets.

PERILS, based in Zürich, reported: “In total, the new PERILS IED 2024 includes detailed sums insured exposed to natural perils of US$111 trillion of property assets.

“The impact of inflationary developments on exposures continues to be visible in the database, with sums insured for European windstorm increasing by 10.1% year-on-year at constant euro exchange rates (10.8% at variable euro exchange rates) – similar levels to 2023.”

According to PERILS, exposure growth was 11.7% year-on-year in US dollar terms across all markets.

“The PERILS IED for wind Japan remains remarkably stable in Japanese yen with year-on-year growth in the low single digits, reflecting a more moderate inflationary environment in Japan in 2023,” the data firm went on to note. “However, in US dollars, the sums insured represent a decline of 5.1% year-on-year due to an appreciating dollar.”

The information published by PERILS spans market sums insured by CRESTA zone, property line of business, and coverage type. Also available are figures for loss limits and deductibles.

Geographically, the database covers Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Indonesia, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, the Philippines, Sweden, Switzerland, Thailand, Turkey, and the UK. Data from Canada, however, will be shared separately by PERILS subsidiary CatIQ next month.

Commenting on the report, PERILS chief executive Christoph Oehy (pictured) said: “In the IED 2024, the effects of the inflationary environment of the past few years faced by the insurance industry were still very evident. This is because inflation adjustments take time to be fully reflected in the individual portfolios of insurers.

“In addition, real growth and reassessment of exposures after loss events have clearly had an impact. Furthermore, we observe a general increase in insurance penetration in countries affected by major loss events.”

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